Financial Crime World

COMPLIANCE TRAINING FOR FINANCIAL PROFESSIONALS TAKES CENTER STAGE IN TURKS AND CAICOS ISLANDS

A Region Prepares for Forthcoming Mutual Evaluation

The Caribbean Financial Action Task Force (CFATF), in partnership with the Attorney General’s Chambers and the Financial Intelligence Agency (FIA) of the Turks and Caicos Islands, has concluded a two-day compliance conference aimed at equipping financial professionals with the necessary skills to navigate the evolving anti-money laundering and combating financing of terrorism landscape.

The 10th Compliance Conference

The conference, held from March 23-24 at the Regent Palms Resort in Providenciales, brought together around 90 participants from various financial institutions across the Caribbean region for an engaging exchange of ideas and best practices. The event provided a platform for high-level professionals to engage in discussions on effective compliance with and implementation of the Financial Action Task Force (FATF) Standards.

The CFATF’s Primary Objective

The CFATF’s primary objective is to ensure that member countries, including Turks and Caicos Islands, effectively prevent and control money laundering and combat terrorism financing. To achieve this goal, the CFATF is working closely with the Attorney General’s Chambers and the FIA to develop a national framework for the upcoming fourth Mutual Evaluation of the Anti-Money Laundering/Combating Financing of Terrorism (AML/CFT) system in Turks and Caicos Islands.

Key Topics Discussed

The compliance conference served as an essential training platform for public and private sector agencies, providing them with the knowledge and expertise needed to address the challenges associated with the 4th Mutual Evaluation. Participants were offered a comprehensive and practical learning experience, facilitated by international and local experts in anti-money laundering and counter-terrorism risk management.

Some of the key topics discussed during the conference included:

  • The new FATF Standards
  • Risk assessments
  • Customer due diligence
  • Supervision
  • Challenges specific to Turks and Caicos Islands

The event also explored emerging trends and issues relevant to all stakeholders in the AML/CFT industry, underscoring the importance of staying informed and vigilant in the fight against money laundering and terrorism financing.

The Successful Execution of the Compliance Conference

The successful execution of the compliance conference reflects the commitment of the CFATF, the Attorney General’s Chambers, and the FIA to ensuring that Turks and Caicos Islands remains at the forefront of AML/CFT efforts. As the region prepares for its upcoming Mutual Evaluation, this training initiative will undoubtedly equip financial professionals with the necessary skills to effectively combat money laundering and terrorism financing.